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Since the global financial crisis, government debt has soared globally by 40 percent and now exceeds an astonishing $100 trillion. Not all countries, though, have fared the same. Indeed, even prior to the financial crisis, the fiscal fates of countries have been diverging, despite predictions that pressures from economic globalization push countries toward more convergent fiscally conservative policies.

Featuring the work of an international interdisciplinary team of scholars, this volume explains patterns of fiscal performance (persistent patterns of budget deficits and government...